Mubadala swells to $302 billion as it pours capital into AI and life sciences

Mubadala Investment Co., Abu Dhabi’s second-largest sovereign wealth fund, published its 2023 annual review today, revealing the fund has swelled to $302 billion in assets under management and deployed $27 billion over the year.

Those investments were focused on opportunities in artificial intelligence and digital infrastructure, life sciences and the energy transition as well as expanding its holdings in private credit, according to a statement.

“Amidst the complexities that defined the global investment landscape in 2023, Mubadala accelerated its shift towards targeted investments that will shape the future economy” of the UAE, Khaldoon Al Mubarak, Managing Director and Group CEO, said in a statement.

Mubadala reported $27 billion in investment returns, a 19.5% decline from the market peak in 2021 and down 6.6% compared to 2022. The portfolio achieved a five-year rate of return of 10.3%.